Thursday, 13 July 2017

11am update - a wave to at least 2435

US equities have seen a morning high of sp'2447, and have turned fractionally lower. Further weakness to at least sp'2435 is due by mid afternoon. For the bears, things only get interesting with a break <2420, and considering this morning's new historic high in the Transports, that won't be easy. WTIC has built sig' gains of around 1.0% in the $45s.. but looks highly vulnerable.




*a new historic high for the Transports of 9742, making it a day for the bulls... even if we close sig' lower.

As the Yellen continues to babble about 'prudent', 'transient', and 'gradual', equities are cyclically due to lean weak into the afternoon. Even a hit of the lower end of the gap zone to 2425 won't be easy... but the cyclical setup does allow it.

For a sig' net daily decline, we'll need giants like AAPL swing lower, along with WTIC.

notable weakness/reversal, AMD, daily

AMD opened higher, but there is a full reversal, with AMD now sig' lower. First soft downside target is the daily 10MA.. currently around $13.30.

weakness, miners, GDX, daily

I'm seeing some rather bizarre bullish talk and charts about gold out there. Yesterday saw GDX settle with a black-fail candle.. and its playing out today. Sustainably trading under old core support.... it sure ain't bullish.

time to cook !